Report: Midway being sold for $0.0012 a share

The majority of Midway's share have been sold off to an individual investor. …

It's no secret that Midway has been going through some rough financial times, so much so that the publisher was recently threatened with delisting from the New York Stock Exchange. Now it appears as if the company has found a new investor, as Redstone's National Amusements has sold off 87% of its holdings in Midway.

However, according to a report from The Wall Street Journal, the asking price is much less than you would imagine. Investor Mark Thomas will be purchasing the stake in Midway for just $0.0012 per share, amounting to a total of just $100,000. Don't start kicking yourself yet: by becoming the majority owner of Midway, Thomas will also be assuming over $70 million in debt.

The actual market value for the shares was around $30 million, but the massive discount meant the deal could be completed this year, which allows Redstone to qualify for tax breaks on the loss. Currently, the former owner of Midway is expected to see tax losses of over $800 million for 2008, and maintains a debt of $1.6 billion.

While it might be fun to buy your own gaming company for less than the price of your house, the company's debt and the competitive nature of the gaming world means that it could be a long time before Midway is back in the black.